Tax Drill - Participation Requirements Complete the following statements regarding plan participation and coverage requirements. A qualified plan must provide, at a minimum, that all employees in the...

Extracted text: Tax Drill - Participation Requirements Complete the following statements regarding plan participation and coverage requirements. A qualified plan must provide, at a minimum, that all employees in the covered group who are years of age be of service. A year of service is generally defined as the completion of hours of service within a measuring period of 12 consecutive months. As an alternative, where the plan provides that eligible to participate after completing percent of an employee's accrued benefits will be vested upon entering the plan, the employee's participation may be postponed until the later of age from the date of employment. or Once the age and service requirements are met, an employee must begin participating no later than the earlier of the following: • The day of the first plan year beginning after the date on which the requirements were satisfied. months after the date on which the requirements were satisfied.